Coca-Cola Bottling Co. Consolidated Reports First Quarter 2001 Results

* Constant territory physical case volume was up 2%

* The net loss for the quarter narrowed by 9%

* Debt at the end of the quarter was down $80 million or 11% below prior

year



Apr 24, 2001, 01:00 ET from Coca-Cola Bottling Co. Consolidated

    CHARLOTTE, N.C., April 24 /PRNewswire Interactive News Release/ --
     Coca-Cola Bottling Co. Consolidated (Nasdaq: COKE) today announced a net
 loss of $1.8 million or $.20 per share for the first quarter of 2001.  This
 compares to a net loss of $2.0 million or $.22 per share for the first quarter
 of 2000.
     The results for the first quarter reflect a slight decline in operating
 cash flow, which was fully offset by lower interest expense.  The reduction in
 operating cash flow reflects a 1% increase in net sales and a slight reduction
 in profit margins.  Net sales growth was impacted by the Company's sale of its
 Ohio and Kentucky bottling territories in September of 2000.  On a comparable
 territory basis, net sales were up 3%, reflecting a 2% increase in bottle/can
 volume and slightly higher contract sales to other bottlers.  Margins in the
 first quarter of 2001 were slightly lower than the first quarter of 2000 due
 primarily to higher raw material costs and lower marketing funding.
     J. Frank Harrison, III, Chairman and CEO, said that he was pleased that
 the improved volume trends that began in the fourth quarter of 2000 have
 continued into the first quarter of 2001.  He also said that the Company's
 focus on debt reduction was providing significant benefits, driving interest
 expense down by $1.8 million or about 13% in the first quarter.  Recent
 declines in short-term interest rates should combine with the lower debt
 balance to yield significant interest expense savings for the balance of the
 year.
     William B. Elmore, President and COO, said, "The Company continues to see
 strong growth in Dasani, which was up more than 60% on a comparable territory
 basis for the first quarter.  In addition, the Company's three largest brands,
 Coca-Cola classic, Sprite and diet Coke, were up about 3% on a physical case
 basis."  Mr. Elmore added, "I am encouraged by our volume momentum, but at the
 same time we must work to implement net price increases to cover costs and
 maintain our profit margins."
     Mr. Elmore concluded his comments by saying that the Company will continue
 to be conservative in its capital spending in an effort to improve returns,
 therefore he expects solid free cash flow in 2001.
 
     Forward looking statements.
     Included in this news release are several forward-looking management
 comments and other statements that reflect management's current outlook for
 future periods.  These expectations are based on currently available
 competitive, financial and economic data along with the Company's operating
 plans, and are subject to future events and uncertainties.  These statements
 include, among others, statements relating to our expectations about sales,
 our expectations about interest expense, our expectations about capital
 spending and our expectations about free cash flow.  Among the events or
 uncertainties which could adversely affect future periods are lower-than-
 expected net pricing resulting from increased marketplace competition, an
 inability to meet requirements under bottling contracts, an inability to meet
 performance requirements for expected levels of marketing support payments
 from The Coca-Cola Company, material changes from expectations in the cost of
 raw materials, the inability of our aluminum can or PET bottle suppliers to
 meet our demand, higher than expected fuel prices, an inability to meet
 projections for performance in newly acquired territories and unfavorable
 interest rate fluctuations.  The forward-looking statements in this news
 release should be read in conjunction with the detailed cautionary statements
 found on page 17 of the Company's Annual Report on Form 10-K for the fiscal
 year ended December 31, 2000.
 
 
                      COCA-COLA BOTTLING CO. CONSOLIDATED
               CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
                      In Thousands (Except Per Share Data)
 
 
                                                  First Quarter
 
                                        2001            2000          1999
 
     Net sales                     $ 230,057        $228,184      $220,263
     Cost of sales                   123,590         122,243       128,111
     Gross margin                    106,467         105,941        92,152
 
     Selling, general and
      administrative expenses         76,369          74,242        68,224
     Depreciation expense             15,803          16,090        14,648
     Amortization of goodwill and
      intangibles                      3,720           3,664         3,262
     Income from operations           10,575          11,945         6,018
 
     Interest expense                 12,152          13,936        11,695
     Other income (expense), net      (1,369)         (1,019)       (1,215)
     Income (loss) before income
      taxes                           (2,946)         (3,010)       (6,892)
     Federal and state income taxes
      (benefit)                       (1,164)         (1,053)       (2,412)
     Net income (loss)              $ (1,782)       $ (1,957)     $ (4,480)
 
     Basic net income (loss)
      per share
                                       $(.20)          $(.22)        $(.54)
 
     Diluted net income (loss)
      per share                        $(.20)          $(.22)        $(.54)
 
     Weighted average number of
      common                           8,753           8,733         8,365
      shares outstanding
 
     Weighted average number of
      common shares                    8,753           8,733         8,365
      outstanding - assuming dilution
 
     Income from operations          $10,575         $11,945        $6,018
     Amortization of goodwill
      and intangibles                  3,720           3,664         3,262
     Depreciation expense             15,803          16,090        14,648
 
     Operating cash flow            $ 30,098        $ 31,699      $ 23,928
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X83212969
 
 

SOURCE Coca-Cola Bottling Co. Consolidated
    CHARLOTTE, N.C., April 24 /PRNewswire Interactive News Release/ --
     Coca-Cola Bottling Co. Consolidated (Nasdaq: COKE) today announced a net
 loss of $1.8 million or $.20 per share for the first quarter of 2001.  This
 compares to a net loss of $2.0 million or $.22 per share for the first quarter
 of 2000.
     The results for the first quarter reflect a slight decline in operating
 cash flow, which was fully offset by lower interest expense.  The reduction in
 operating cash flow reflects a 1% increase in net sales and a slight reduction
 in profit margins.  Net sales growth was impacted by the Company's sale of its
 Ohio and Kentucky bottling territories in September of 2000.  On a comparable
 territory basis, net sales were up 3%, reflecting a 2% increase in bottle/can
 volume and slightly higher contract sales to other bottlers.  Margins in the
 first quarter of 2001 were slightly lower than the first quarter of 2000 due
 primarily to higher raw material costs and lower marketing funding.
     J. Frank Harrison, III, Chairman and CEO, said that he was pleased that
 the improved volume trends that began in the fourth quarter of 2000 have
 continued into the first quarter of 2001.  He also said that the Company's
 focus on debt reduction was providing significant benefits, driving interest
 expense down by $1.8 million or about 13% in the first quarter.  Recent
 declines in short-term interest rates should combine with the lower debt
 balance to yield significant interest expense savings for the balance of the
 year.
     William B. Elmore, President and COO, said, "The Company continues to see
 strong growth in Dasani, which was up more than 60% on a comparable territory
 basis for the first quarter.  In addition, the Company's three largest brands,
 Coca-Cola classic, Sprite and diet Coke, were up about 3% on a physical case
 basis."  Mr. Elmore added, "I am encouraged by our volume momentum, but at the
 same time we must work to implement net price increases to cover costs and
 maintain our profit margins."
     Mr. Elmore concluded his comments by saying that the Company will continue
 to be conservative in its capital spending in an effort to improve returns,
 therefore he expects solid free cash flow in 2001.
 
     Forward looking statements.
     Included in this news release are several forward-looking management
 comments and other statements that reflect management's current outlook for
 future periods.  These expectations are based on currently available
 competitive, financial and economic data along with the Company's operating
 plans, and are subject to future events and uncertainties.  These statements
 include, among others, statements relating to our expectations about sales,
 our expectations about interest expense, our expectations about capital
 spending and our expectations about free cash flow.  Among the events or
 uncertainties which could adversely affect future periods are lower-than-
 expected net pricing resulting from increased marketplace competition, an
 inability to meet requirements under bottling contracts, an inability to meet
 performance requirements for expected levels of marketing support payments
 from The Coca-Cola Company, material changes from expectations in the cost of
 raw materials, the inability of our aluminum can or PET bottle suppliers to
 meet our demand, higher than expected fuel prices, an inability to meet
 projections for performance in newly acquired territories and unfavorable
 interest rate fluctuations.  The forward-looking statements in this news
 release should be read in conjunction with the detailed cautionary statements
 found on page 17 of the Company's Annual Report on Form 10-K for the fiscal
 year ended December 31, 2000.
 
 
                      COCA-COLA BOTTLING CO. CONSOLIDATED
               CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
                      In Thousands (Except Per Share Data)
 
 
                                                  First Quarter
 
                                        2001            2000          1999
 
     Net sales                     $ 230,057        $228,184      $220,263
     Cost of sales                   123,590         122,243       128,111
     Gross margin                    106,467         105,941        92,152
 
     Selling, general and
      administrative expenses         76,369          74,242        68,224
     Depreciation expense             15,803          16,090        14,648
     Amortization of goodwill and
      intangibles                      3,720           3,664         3,262
     Income from operations           10,575          11,945         6,018
 
     Interest expense                 12,152          13,936        11,695
     Other income (expense), net      (1,369)         (1,019)       (1,215)
     Income (loss) before income
      taxes                           (2,946)         (3,010)       (6,892)
     Federal and state income taxes
      (benefit)                       (1,164)         (1,053)       (2,412)
     Net income (loss)              $ (1,782)       $ (1,957)     $ (4,480)
 
     Basic net income (loss)
      per share
                                       $(.20)          $(.22)        $(.54)
 
     Diluted net income (loss)
      per share                        $(.20)          $(.22)        $(.54)
 
     Weighted average number of
      common                           8,753           8,733         8,365
      shares outstanding
 
     Weighted average number of
      common shares                    8,753           8,733         8,365
      outstanding - assuming dilution
 
     Income from operations          $10,575         $11,945        $6,018
     Amortization of goodwill
      and intangibles                  3,720           3,664         3,262
     Depreciation expense             15,803          16,090        14,648
 
     Operating cash flow            $ 30,098        $ 31,699      $ 23,928
 
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 SOURCE  Coca-Cola Bottling Co. Consolidated